8 CARTA DE PRESIDENCIA LETTER FROM THE CHARIMAN S OFFICE 5 Letter from the Chairman s Office The growth of our international activity gives us confidence in guaranteeing success in dealing with the business cycle that Spain and Europe are experiencing. In 2011 we started business in new markets such as Colombia, Panama, Turkey and Lithuania, and turnover has increased by 168% from the previous year. Thanks to our technological and railway expertise we have taken a firm step forward in meeting the strategic objectives of COMSA EMTE. Our determination now moves onto consolidation in the countries where we are present and to evolve the business model in the same way as we have done in our own country. The non-traditional business lines are reaching a level of maturity that gives them a particular weight within the whole group. Thus, this past year, the turnover of the businesses of transportation and logistics, environment or renewable energy have achieved an average increase of 40%. This external growth and diversification must be accompanied, inseparably, by great efforts in the domestic market. The structural changes we have undergone in our country forces us to work in the pursuit of maximum efficiency and in the preservation of margins and profitability. The public-private partnerships will continue to be a successful tool to maintain investment in infrastructures. However, the change in the financial environment, and the consequent lack of resources, force us to establish very selective criteria in our investments and to consider disinvesting in those projects that are not strategic to the group. We are convinced that a proactive attitude and permanent vigilance will enable us to react swiftly and flexibly to changes that arise in the environment. The circumstances are not easy and the economic future is full of uncertainties, but the strengths of COMSA EMTE will help us to continue the good trajectory that has always characterized us. This will be possible, thanks to the confidence placed in us by our customers and the commitment that every worker shows in each of the projects that we develop worldwide. Jorge Miarnau Montserrat COMSA EMTE Chairman Carles Sumarroca Claverol COMSA EMTE Vice-Chairman

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